Corn Futures Gaining at Midday

Corn is trading 4 1/4 to 7 3/4 cents higher at midday. July futures are trading near $3.56/bu with no deliveries from weakness in cash. The national average cash corn price from cmdtyView is $3.29/bu, with ECB corn at a 20 1/4 cent premium to WCB prices. Weekly corn bookings were at the top end of estimates with 599,242 MT (23.6 mbu). New crop corn export sales were also on the high end of estimates with 409,345 MT (16.1 mbu). NMY commitments are at 169.4 mbu, which exceeds forward bookings from the same time last year by 33%. Argentina’s corn harvest was 81.7% complete through July 8. BAGE also reported yields are averaging 8.4 MT/HA (133.8 bpa) and maintains the 50 MMT production forecast. Brazil is reportedly 27% harvested for this year’s second crop. CONAB lowered their corn production forecast to 100.56 MMT, with a 0.7 MMT cut to second crop. Traders anticipate the July WASDE will also cut Brazil’s production, with an average estimate of 100.4 MMT down 0.6 from June. China’s sold 3.97 MMT of corn from state reserves. Domestic corn prices in the PRC have been elevated on tight supplies. The average selling price was 1,899 yuan/MT (~$6.75/bu).

Jul 20 Corn is at $3.56, up 7 3/4 cents,

Sep 20 Corn is at $3.53 1/2, up 7 1/4 cents,

Dec 20 Corn is at $3.60 3/4, up 6 1/2 cents,

Mar 21 Corn is at $3.70 1/4, up 5 3/4 cents,

--- provided by Brugler Marketing & Management

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